More Than 200 Smart Contracts Already Entered The Cardano Blockchain Network

A total of 200 smart contracts entered the Cardano network (Parabull)

JAKARTA – After the Cardano (ADA) cryptocurrency received the Alonzo upgrade last week, as many as 200 smart contracts are reportedly starting to enter the Cardano blockchain network. However, until now everything is still in timelock and cannot be used.

According to Cointelegraph, the Vercel app has reportedly put more than 2,200 smart contracts for release. Smart contracts are a feature that Cardano has been waiting for since 2017. Until finally the function began to be activated in Alonzo's hard fork lately.

Cardano boss Charles Hoskinson revealed that it was decentralized finance (DeFi) that was a bone of contention because Cardano was able to support smart contracts. He also stated that the winners of what he called the “second wave” of DeFi would have liquidity and interoperability, thus having the ability to drive multi-chains and lower costs.

“We need governance, we need certification, we need insurance, we need regulation of these things, metadata identity… at the same time, you need to decentralize,” Hoskinson said.

"(This is) our way of building Cardano for that second wave," he added.

In addition, there are a number of other important projects that have smart contracts within a set time and will also be released soon, including GREED which is a reward token that redistributes ADA to its holders. There is also Liqwid, an open-source and non-custodial liquidity protocol for interest rate curves.

There is also the SingularityNET project, a platform that allows anyone to create, share and deliver monetization services, artificial intelligence services on a massive scale.

It doesn't stop there, Cardano is also developing its own decentralized exchange (DEX) called CardaX. The Cardano network is said to be compatible with the Ethereum Virtual Machine and is expected to attract DeFi developers who want low and affordable gas fees.

Coingecko reports that currently ADA prices have decreased by 12.1 percent in the last 24 hours. While in one week ADA decreased by 20.7 percent. Now ADA's position has also been evicted by the stablecoin USD Tether in the third position. At the time of writing, the ADA cryptocurrency is trading at IDR 29,170.